THE BOURSE WHISPERER: Strickland Resources (ASX:STK) has reported the recent efforts of Orinoco Resources, which has achieved high‐grade gold results at the Curral de Pedra gold project in central Brazil.
Orinoco claims the results have confirmed and extended mineralisation previously identified at the project.
Strickland is excited by the results as it has an agreement to acquire Orinoco as part of its strategy to repositioning the company as a Brazil‐focused gold explorer.
Curral de Pedra location. Source: Company announcement
The high‐grade results were returned from channel sampling of existing underground winzes over 600 metres of strike and 130 metres down‐dip.
Results from channel sampling include:
– 0.5 metres at 113.8 grams per tonne gold (mineralisation open at top of channel);
– 0.57m at 101.7g/t gold (mineralisation open at base of channel);
– 0.65m at 72.7g/t gold (mineralisation open at base of channel); and
– 1m at 13.8g/t gold (mineralisation open at base of channel).
Discrete quartz vein sampling (not included in the channel samples) returned:
– 0.10m at 937.7g/t gold;
– 0.20m at 303.0g/t gold; and
– 0.15m at 207.0 g/t gold.
Mineralisation remains open along strike, down‐dip to both the hanging wall and footwall with multiple ore shoots occurring within a visible mineralised alteration zone.
Orinoco’s recent exploration activity along strike from the Cascavel target has discovered a zone of outcropping hydrothermal alteration, which it has interpreted to be a continuation of the structure hosting the mineralisation at Cascavel.
This alteration zone is approximately 60m wide with a central zone of approximately two to three metres that hosts sulphide‐bearing quartz veins.
This area is located approximately 2km along strike to the southeast from Cascavel, on the same thrust‐related shear zone.
The extended strike of Cascavel will be sampled shortly and drill tested in the coming months.
“These excellent results confirm the high‐grade, coarse nature of the gold mineralisation at the Curral de Pedra project,” Orinoco Resources managing director Mark Papendieck said in Strickland’s announcement to the Australian Securities Exchange.
“The combination of these results – which indicate that the high‐grade mineralisation remains open in all directions – and the extremely encouraging evidence of the continuity of the gold‐bearing structures within our tenement package reinforces our confidence in the potential and future of this project.
“This is an exciting time for Strickland shareholders ‐ with extension drilling imminent and bulk sample and metallurgy results due next month, the Curral de Pedra project will rapidly evolve over the remainder of 2012.”
The Curral de Pedra project is located near Sertão gold mine of Troy Resources (ASX:TRY).
Strickland describes the project to be an advanced, drill‐ready gold project with numerous historic workings.
Orinoco is currently undertaking exploration work at Curral de Pedra ahead of the completion of the acquisition transaction, which is scheduled to occur on October 25.
Strickland outlined its next exploration steps at the Cascavel target will entail testing for extensions of the structure hosting the gold mineralisation.
A diamond drilling program is being finalised to test the continuity of the gold bearing structure along strike and down‐dip from the known mineralised zone.